Fair Oaks Income has published results for the year ended 31 December 2021. On 19 April 2021, the company announced the result of its reorganisation proposal. 62,562,883 2017 shares had been elected for re-designation as realisation shares and 405,815,477 2017 shares were re-designated as 2021 Shares (86.6% of the 2017 shares in issue, including 650,000 shares held in treasury). The purpose of the reorganisation was to allow those shareholders who wished to continue their investment in the company beyond the planned end date of the underlying Master Fund. The new Master Fund (number III) that underlies the 2021 shares has a planned end date of 12 June 2028 and an investment objective and policy substantially similar to that of Master Fund II.
The NAV return on the 2021 shares for the year was 22.7% and the NAV return per realisation share was the same. The 2021 shares closed at a mid-price of US$0.6225 on 31 December 2021, having traded at an average discount of 1.85% during the year. By contrast, the realisation shares closed at a mid-price of US$0.70 and traded at an average premium to NAV of 0.20%.
The company declared dividends of 9.75 US cents per 2021 share and realisation share (up from 5.8 cents for 2020).
For anyone who’s interested, the company provided a link to its full annual report in the results statement. You can find it here.
FAIR : Fair Oaks posts decent returns for 2021